Trump Signs 'Big Beautiful Bill' into Law: Americans Face Big Changes

"A great beautiful bill" finally signed by Donald Trump. The budget bill contains many of the American president's campaign promises. As analysts point out, Trump's bill will primarily benefit the 20 percent of the highest earning Americans.

US President Donald Trump signed a budget bill on Friday, which he called a "big, beautiful bill." The document signed on Friday, Independence Day, contains the American leader's campaign promises , including linking tax cuts to cuts in social spending and increased spending on deporting migrants.

The signing of the bill took place during a ceremonial picnic on the grounds of the White House . At the beginning of the event, a B-2 bomber, which took part in the recent American operation against Iranian nuclear facilities , flew over Washington, escorted by an F-35.

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The flyover was meant to symbolize gratitude to the American soldiers who took part in that operation. A fireworks display was also planned for the evening as part of the Independence Day celebrations.

As assessed by Axios, the adoption of the act, which will transform federal fiscal policy in the US in the coming years, is a huge achievement for Trump and Republicans in Congress . The US President emphasized that his administration has kept its promise and said that the act is his biggest victory so far.

The new law has been formally dubbed the "One Big Beautiful Bill Act " because it combines many of Trump's tax promises, including making the 2017 tax cuts permanent for 10 years, as well as making tips, overtime wages and Social Security benefits tax-free.

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Also with deep cuts in social spending, including public health insurance for the lowest earners (Medicaid), subsidies for private insurance under Obamacare, and food stamp programs (SNAP).

Additionally, the bill increases the budget for migrant deportations and border security , introduces high fees for asylum seekers, and includes a one-time increase in defense spending by $150 billion, which is expected to increase the defense budget to $1 trillion.

According to an analysis by the Congressional Budget Office (CBO), despite the assumed cuts, the bill will contribute to an increase in the budget deficit by $3.8 trillion over 10 years. CBO also predicts that the Senate version of the bill will cause almost 12 million Americans to lose health insurance .

According to a forecast by the Yale Budget Lab, the biggest beneficiaries of the changes will be the top 20 percent of Americans (those earning more than $120,000 a year) .

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This group's earnings will increase by almost 2.2 percent ($5,700), while the bill will hit the lowest 20 percent of earners the hardest, reducing their income by almost 3 percent ($700).

The bill passed both houses of Congress with narrow majorities amid broad criticism not only from the opposition but also from moderate and extreme wings of Republicans: some raised concerns about the effects of Medicaid cuts, others about increasing the deficit. Among the bill’s outspoken critics is billionaire Elon Musk, a former adviser and campaign donor to President Trump .